SASKATOON , June 1, 2020 /CNW/ - 49 North Resources Inc. ("49 North" or the "Company") (FNR.V) announces that with respect to the maturity of its outstanding 2015 2.5% Convertible Senior Secured Debentures – Series 1 (the "Series 1 Senior Debentures"), it has paid today, in cash, due interest in the amount of approximately $2.50 per $100 principal amount of the Series 1 Senior Debentures, however, the Company has not paid the principal due and owing in the amount of $2,746,827 . 49 North instead intends to seek approval from the debenture holders to extend the maturity date of the Series 1 Senior Debentures by three (3) years to June 1, 2023 and to reduce the conversion price for the Series 1 Senior Debentures from $0.50 to $0.20 per common share of the Company.